Gucci, 'Pinault Printemps Redoute' Boosted Its Majority Stake

Luxury goods maker Gucci Group said on Friday its majority owner, French retailer Pinault Printemps Redoute bought 1,097,323 Gucci shares between October 17 and December 23. PPR now holds 54.1 percent of outstanding Gucci common shares, a filing with the U.S. Securities and Exchange Commission said.

PPR has said it will bid for remaining Gucci shares at $101.50 per share in 2004.Gucci saw its third quarter net profit slide by 14 percent as a lacklustre global economy knocked the sector and fear of war in Iraq weighed on sentiment. Gucci Group is the third biggest luxury goods group after number one France's LVMH and Swiss Richemont.